This week on Ask Rob & Rob, the guys are back again with two different questions that they’ve not covered previously. They’ll be talking about what to do in the event of there being a lack of comparables discussing if properties that have lost value are worth investing in now.
Our first caller today is Paul from Burnley. At the beginning of the year Paul purchased his first buy-to-let property and now he’s hoping to soon complete on property number six!
That’s pretty good going for less than 12 month’s work!
Paul’s strategy is buy-refurbish-refinance with a difference - he focuses on bungalows. So not your usual property choice, but clearly it’s working for him.
However he’s now ran into a bit of an issue. Because it’s such a niche strategy, he’s having difficulties when it comes to searching for comparables in order to remortgage the properties.
Obviously Paul’s end game is to have made as much profit as possible on the properties, so he’s wondering what he can do to prepare that information when the valuations take place?
Luckily, Rob D is on hand to offer Paul some pointers on how he can go about this.
The second question comes from Luke in Liverpool. He has a small portfolio himself and is continuously looking to add to it.
He’s been keeping his eye on the local market in and around Liverpool, in different areas and has noticed that some developments that were priced between £130,000 - £140,000 are now on the market for around £90,000.
So now he’s wondering if these kind of properties are a good investment opportunity or if they are just going to continuously lose value and he should stay well away?
Naturally, there was only one Rob that could offer advice on the Liverpool market, cue Rob B.
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